Former Brokers at Defunct Firm
Are Indicted for Securities Fraud

NEW YORK -- Twenty-three former brokers at now-defunct Investors Associates Inc. were indicted on charges of manipulating five public offerings in an $18 million securities-fraud scheme.

The five-count indictment, unsealed Monday in Manhattan federal court, follows charges brought in September 1999 against the Melville, N.Y., firm and its former principal, Vincent Grieco. In that indictment, prosecutors accused Investors Associates...